OPEC IN ACTION (waiting for decision) :

Oil prices near to the lowest level this year in New York in the market there is roomer that OPEC will fail to cut production as demand growth slows and U.S. stockpiles rise. There is an outright of 26 % fall from July's record forcefully strategy is been formulated by the Organization of Petroleum Exporting Countries to lower output. lack of details have led to uncertainty that the group will lower supply along with an increase in U.S. inventories. Crude for November delivery fell 1.6 percent to $57.59 a barrel in New York. Earlier, futures touched $57.48, the lowest since Dec. 27.

OPEC's ``just completely mismanaging their communication,'' If they cut a million barrels a day of production that is going to affect the oil market thatâs for sure. âSaid Tobin Gorey, commodity analyst at Commonwealth Bank of Australia Ltd. The oil ministry of Saudi Arabia, OPEC's biggest producer, declined to comment on whether the kingdom will participate in the cut while Qatari Oil Minister said the group should trim current production by 1 million barrels a day. The 10 members of OPEC with production targets pumped 27.63 million barrels a day last month, thatâs below the group's target of 28 million barrels a day.

The Saudis have to show their contribution to any cuts and that's only likely if the price level is less than $55, all are waiting for OPEC's final comment